PHOENIX, ARIZONA (July 2, 2024) – NAI Horizon represented the buyer in the acquisition of parcels of land totaling 40,973 SF in Tempe, Arizona, that will be rezoned for a multifamily project.
NAI Horizon’s Jay Mininberg, J.D., represented the Buyer, FJT1 Rental, LLC, of Mesa, Arizona, in the $1.275 million (approximately $31/SF) acquisition of 2422 E. Apache Blvd., 2424 E. Apache Blvd., and 1114 S. Lebanon Lane in Tempe. The parcels total .94 acres.
The transaction involved a retail property with a residential component. Upon securing the parcel, the plan is to rezone it to mixed-use MU-4.
“In conjunction with counsel, an architectural firm, a general contractor, and meetings with the City of Tempe, we recently closed on the parcels with plans to build approximately 62 units,” Mininberg said.
The Sellers, Robert and Mary Figueroa of Tempe, were represented by Neil Sherman and Zackery Sherman with Sperry Insignia.